Riset Saham Harian
Samuel Research
03 Juli 2017
www.samuel.co.id
Page 1 of 6
Pasca Libur, IHSG berpeluang menguat
Bursa AS ditutup menguat pada perdagangan Jumat lalu, seiring optimisme
dari para investor pasca dirilisnya laporan ADP yang menyatakan bahwa AS
berhasil menambah 253,000 lapangan pekerjaan baru pada sektor swasta
untuk sepanjang bulan Mei lalu. Data pada laporan tersebut menjadi sinyal
positif bagi prospek pertumbuhan ekonomi AS, sekaligus kembali
meyakinkan para pelaku pasar terhadap kontinuitas pertumbuhan laba
– laba
korporasi.
Berlawanan dengan bursa AS, mayoritas bursa Eropa ditutup melemah,
dengan penurunan utama terjadi pada saham – saham berbasis perbankan,
setelah adanya pernyataan Hawkish dari pejabat ECB, sehingga
menyebabkan sell
– off baik pada pasar saham dan obligasi.
Pada tanggal 22 Juni 2017 kemarin, sebelum tutup terkait libur panjang
Lebaran, IHSG bergerak sideways dan ditutup menguat tipis 11.16 poin ke
level 5829.7 ditengah mixednya pasar regional dan pelemahan di bursa
Eropa. Pagi ini, beberapa bursa utama regional Asia cenderung dibuka
mixed. Mengawali perdagangan setelah libur panjang, kami memprediksi
IHSG hari ini cenderung menguat, seiring penguatan EIDO semalam dan
potensi nilai tukar Rupiah yang menguat, seiring dengan cenderung
melemahnya dolar AS.
Highlights
ADRO: Adaro logistics IPO tahun depan
TOTL: Kontrak baru 1H17 Rp1.32tn
PTPP: Nantikan pengumuman lelang
SMRA: Kembali pasarkan Raibow Springs
:
5,829.7
:
+11.2
(+0.2%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
EMTK
11,500
600
5.5
TPIA
26,075
1025
4.1
PLIN
4,880
680
16.2
IIKP
300
54
22.0
POWR
1,200
-215
-15.2
UNVR
48,800
-200
-0.4
BBRI
15,250
-50
-0.3
BBCA
18,150
-50
-0.3
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
BBCA
46
ASII
224
UNVR
30
BMRI
224
UNTR
23
BBRI
198
PTBA
8
TLKM
104
CPIN
6
BBNI
101
Money Market
Last
Close
+/-
%
USD/IDR
13,328
9.0
-0.1
JIBOR O/N
5.0
0.5
-Infl (MoM)
0.4
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
33.7
0.0
0.1
ISAT
40.2
0.5
1.1
EIDO
27.2
0.1
0.3
World Indices
Last
Close
+/-
%
DJIA
21,350
63
0.3
S&P 500
2,423
4
0.2
Euro Stoxx
3,442
-29
-0.8
MSCI World
1,916
-3
-0.2
Nikkei
20,073
40
0.2
Hang Seng
25,765
-201
-0.8
Commodities
Last
Close
+/-
%
Brent Oil
49
0.1
0.2
CPO Malay
2,448
-13.0
-0.5
Coal Newc
77
-0.3
-0.4
Nickel
9,372
99.5
1.1
Tin
20,230
-65.0
-0.3
Market Value
Changes
Leading Movers
Market Activity
Monday, 03 Jul 2017
Market Index
Index Movement
Market Volume
Changes
Changes
Changes
Changes
Lagging Movers
Riset Saham Harian
03 Juli 2017
www.samuel.co.id
Page 2 of 6
ADRO: Adaro logistics IPO tahun depan
PT Adaro Logistics merupakan anak usaha ADRO yang potensial IPO pada 2018. Adaro Logistics
akan meningkatkan diversifikasi strategis untuk mengurangi ketergantungan terhadap industribatu
bara dengan mengangkut material curah nonbatu bara dan material lain yang terkait deng an
industri minyak dan gas. (Bisnis Indonesia). ADRO: Buy
; 17E’ PE: 12.0x, PBV: 1.0x.
TOTL: Kontrak baru 1H17 Rp1.32tn
PT Total Bangun Persada, Tbk (TOTL) membukukan kontrak baru per 1H17 sebesar Rp1.32tn
atau setara dengan 33% dari target Rp4tn (FY17E).
Dari target nilai kontrak baru tersebut, TOTL mentargetkan pendapatan usaha akan mencapai
Rp3.1tn sedangkan laba bersih sebesar Rp250miliar. (Bisnis Indonesia). TOTL: Non-Coverage
9.6x P/E17E dan 2.4x PBV 17E.
PTPP: Nantikan pengumuman lelang
PT Pembangunan Perumahan, Tbk (PTPP) tengah menantikan hasil lelang pengembangan
proyek Bandara Kulon Progo, Yogyakarta dengan nilai investasi mencapai Rp10.9tn.
Selain itu, PTPP juga tengah mempersiapkan (telah memperoleh kontraknya) proyek kilang
minyak berkapasitas 30K barel/hari senilai Rp2.3tn. PTPP sejauh ini telah mengembangkan
proyek pembangkit listrik 100MW. (Kontan). PTPP: BUY; 14.0x P/E17E dan 1.6x PBV 17E.
SMRA: Kembali pasarkan Raibow Springs
PT Summarecon Agung, Tbk (SMRA) kembali memasakan proyek Rainbow Springs Condovillas
di daerah Tangerang Selatan untuk mendorong pertumb uhan penjualan tahun ini. Adapun
Rainbow Sprinsg Condovillas tersedia dalam empat tipe: (1) tipe 99, tipe 11 dan 121 serta 141,
dengan harga per unitnya sekitar Rp1.3miliar. (Bisnis Indonesia). SMRA: HOLD; 56.1x P/E17E
dan 2.2x PBV 17E.
Riset Saham Harian
03 Juli 2017
www.samuel.co.id
Page 3 of 6
Stock Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE
(Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E
Banks BMRI BUY 297,500 12750 0.4 10.2 12280 14000 9.8 15.0 12.2 1.7 1.5 11.3% 12.0% BBCA HOLD 447,488 18150 (0.3) 17.1 18773 18000 -0.8 19.3 18.2 3.5 3.0 17.9% 16.5% BBRI BUY 376,205 15250 (0.3) 30.6 15050 15550 2.0 13.4 11.8 2.3 2.0 16.8% 16.8% BBNI BUY 123,081 6600 (0.4) 19.5 7134 7350 11.4 9.1 7.9 1.3 1.1 13.9% 14.2% BBTN BUY 27,534 2600 (2.6) 49.4 2706 2870 10.4 8.8 8.2 1.3 1.1 14.4% 13.7% BNLI BUY 19,349 690 1.5 28.6 803 890 29.0 13.0 14.4 0.9 0.8 6.7% 5.7% Average 13.1 12.1 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 102,625 8800 0.0 2.6 9410 10300 17.0 24.7 21.7 5.1 4.5 20.8% 20.9% INDF BUY 75,512 8600 1.2 8.5 9588 9900 15.1 16.2 14.1 2.3 2.1 14.2% 14.9% KLBF BUY 76,172 1625 0.0 7.3 1724 1750 7.7 30.7 27.1 5.7 5.1 18.7% 18.7% ROTI BUY 6,226 1230 (2.0) (23.1) 1793 2050 66.7 17.8 15.2 3.6 3.1 20.5% 20.2% ULTJ BUY 14,514 5025 0.5 10.0 5750 5300 5.5 18.9 17.1 3.6 3.0 18.9% 17.5% UNVR HOLD 372,344 48800 (0.4) 25.8 47387 45200 -7.4 52.1 46.5 60.8 53.2 116.6% 114.4% SIDO BUY 7,470 498 0.0 (4.2) 682 700 40.6 13.8 11.0 2.6 2.5 18.9% 22.4% AISA BUY 5,359 1665 (1.2) (14.4) 2264 2500 50.2 10.7 8.8 1.3 1.1 11.7% 12.5% Average 23.1 20.2 10.6 9.3 30.0% 30.2% Cigarette HMSP BUY 446,661 3840 0.0 0.3 4208 4390 14.3 34.6 33.4 11.9 10.8 34.3% 32.4% GGRM BUY 150,656 78300 (0.1) 22.5 78515 77150 -1.5 22.2 21.0 3.1 2.8 14.1% 13.4% Average 28.4 27.2 7.5 6.8 24.2% 22.9% Healthcare MIKA BUY 29,101 2000 0.8 (22.2) 2739 2950 47.5 37.0 33.9 7.2 6.6 19.6% 19.3% SILO HOLD 14,697 11300 (0.9) 3.7 13436 12500 10.6 139.5 109.7 4.6 4.2 3.3% 3.8% Average 88.3 71.8 5.9 5.4 11.4% 11.6% Poultry CPIN BUY 52,146 3180 3.2 2.9 3225 4500 41.5 13.4 12.5 1.7 1.6 12.8% 12.4% JPFA BUY 15,518 1360 0.7 (6.5) 1568 1500 10.3 8.0 6.4 1.4 1.2 18.0% 18.9% MAIN BUY 2,474 1105 0.9 (15.0) 1216 2280 106.3 6.0 4.7 0.9 0.8 15.9% 17.2% Average 9.1 7.9 1.4 1.2 15.6% 16.2% Retail MAPI BUY 11,288 6800 3.0 25.9 7457 7700 13.2 45.0 32.5 3.2 3.0 7.2% 9.1% RALS BUY 8,693 1225 (0.4) 2.5 1492 1750 42.9 18.8 14.9 2.3 2.1 12.0% 13.9% ACES HOLD 18,179 1060 (1.9) 26.9 1033 900 -15.1 25.9 22.1 5.7 4.8 22.2% 21.8% LPPF BUY 41,361 14175 (0.5) (6.3) 16241 19500 37.6 15.0 14.4 12.2 8.6 81.1% 60.0% Average 26.2 21.0 5.8 4.6 30.6% 26.2% Telco EXCL BUY 36,446 3410 1.5 47.6 3528 3200 -6.2 92.2 60.9 1.7 1.7 1.8% 2.7% ISAT BUY 35,321 6500 0.4 0.8 8173 8200 26.2 17.9 12.8 2.4 2.1 13.4% 16.7% TLKM BUY 455,616 4520 0.0 14.1 4863 5000 10.6 18.8 14.6 4.5 3.9 24.0% 26.7% TOWR BUY 38,669 3790 (0.3) 5.9 4638 4500 18.7 11.0 10.4 2.7 2.1 24.5% 20.7% Average 35.0 24.7 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 361,316 8925 0.3 7.9 9304 9000 0.8 16.1 13.7 2.8 2.3 17.2% 16.4% UNTR BUY 102,392 27450 0.9 29.2 30196 31500 14.8 15.7 13.9 2.3 2.1 14.7% 14.9% Average 15.9 13.8 2.5 2.2 15.9% 15.7% Aviation GIAA HOLD 9,009 348 1.2 3.0 385 420 20.7 261.4 26.1 0.6 0.4 0.2% 1.7% Property BSDE BUY 35,221 1830 1.4 4.3 2303 2350 28.4 16.3 14.1 1.4 1.2 8.7% 8.5% PWON BUY 29,618 615 0.8 8.8 720 710 15.4 15.0 12.6 2.9 2.4 19.2% 19.3% ASRI HOLD 6,249 318 0.0 (9.7) 438 390 22.6 9.4 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 18,611 1290 0.0 (2.6) 1570 1307 1.3 56.1 43.0 2.2 2.1 4.0% 4.8% SSIA BUY 3,035 645 2.4 48.6 930 750 16.3 14.3 11.9 0.9 0.9 6.6% 7.5% CTRA BUY 21,716 1170 0.4 (12.4) 1588 1580 35.0 13.6 11.4 1.4 1.3 10.3% 11.1% DMAS BUY 10,411 216 (0.9) (6.1) 309 300 38.9 12.2 9.9 1.2 1.1 9.7% 10.8% KIJA BUY 6,789 326 1.6 12.5 446 450 38.0 14.2 12.5 1.1 1.0 7.8% 8.1% Average 18.9 15.5 1.5 1.3 9.4% 9.8%
Riset Saham Harian
03 Juli 2017
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Page 4 of 6
Construction PTPP BUY 19,468 3140 (1.6) (17.6) 4613 4150 32.2 14.0 11.8 1.6 1.5 11.8% 12.6% ADHI HOLD 7,656 2150 0.0 3.4 2702 2550 18.6 23.1 19.4 1.4 1.3 6.0% 6.5% WSKT BUY 31,491 2320 0.0 (9.0) 3265 3250 40.1 13.9 11.0 1.6 1.6 11.7% 14.2% WIKA BUY 19,824 2210 (1.3) (6.4) 3093 3000 35.7 17.8 15.6 1.4 1.3 8.0% 8.3% Average 17.2 14.4 1.5 1.4 9.4% 10.4% Cement INTP SELL 67,919 18450 (1.3) 19.8 15547 13500 -26.8 18.7 17.6 2.4 2.2 12.9% 12.6% SMGR HOLD 59,315 10000 (2.0) 9.0 9921 9000 -10.0 14.7 13.3 1.9 1.7 12.9% 12.9% SMCB SELL 5,747 750 0.7 (16.7) 770 700 -6.7 -31.3 -25.0 0.7 0.7 -2.3% -2.8% SMBR HOLD 31,584 3190 3.6 14.3 539 2300 -27.9 83.9 79.8 8.4 7.4 10.0% 9.3% Average 21.5 21.4 3.3 3.0 8.4% 8.0% Precast WSBP BUY 12,653 480 0.0 (13.5) 704 690 43.8 18.9 12.3 1.5 1.3 8.0% 10.6% WTON BUY 5,404 620 (1.6) (24.8) 1040 1150 85.5 16.3 14.1 1.8 1.5 10.9% 10.6% Average 17.6 13.2 1.6 1.4 9.4% 10.6%Oil and Gas
PGAS HOLD 54,543 2250 (1.7) (16.7) 2960 2600 15.6 12.4 10.0 1.2 1.1 9.4% 10.7% AKRA BUY 26100.9 6525.0 -1.1 8.8 7000.0 7600 16.5 22.3 22.0 3.4 3.1 15.2% 14.0% MEDC BUY 7,631 2290 0.0 73.5 4213 4500 96.5 3.2 3.0 0.6 0.5 17.6% 16.3% Average 12.6 11.7 1.7 1.5 14% 14% Utilities JSMR BUY 38,830 5350 (1.4) 23.8 5857 5000 -6.5 20.2 26.8 2.8 2.6 13.9% 9.8% Metal ANTM BUY 16,701 695 0.0 (22.3) 760 1250 79.9 8.1 4.3 0.8 0.8 10.0% 17.8% INCO HOLD 18,382 1850 (1.9) (34.4) 2431 2145 15.9 69.7 34.8 0.8 0.7 1.1% 2.1% TINS BUY 5,437 730 (3.3) (32.1) 1178 1200 64.4 34.8 21.5 1.0 1.0 2.9% 4.5% Average 37.5 20.2 0.9 0.8 4.7% 8.1% Coal DOID BUY 7230.1 850.0 -1.2 66.7 1587.5 1600 88.2 5.8 6.0 2.6 1.7 44.0% 28.6% ITMG BUY 19,548 17300 (3.1) 2.5 21450 19000 9.8 8.1 8.1 1.5 1.4 17.9% 16.6% ADRO BUY 50,538 1580 (0.9) (6.8) 2021 2100 32.9 12.0 10.9 1.0 1.0 8.5% 8.7% PTBA BUY 27,534 11950 0.8 (4.4) 15271 15000 25.5 12.3 10.0 2.5 2.2 19.9% 21.5% Average 9.6 8.8 1.9 1.5 22.6% 18.9% Plantation AALI BUY 28,293 14700 0.0 (12.4) 17896 19800 34.7 16.1 13.5 1.7 1.6 10.7% 12.1% LSIP BUY 9,347 1370 (0.4) (21.3) 1693 2050 49.6 12.3 9.6 1.1 1.0 9.1% 10.9% SIMP HOLD 8,699 550 1.9 11.3 570 600 9.1 11.7 10.8 0.6 0.6 5.0% 5.2% Average 13.4 11.3 1.1 1.1 8.3% 9.4%
Source: SSI Research, Bloomberg
Riset Saham Harian
03 Juli 2017
www.samuel.co.id
Page 5 of 6
Regional Indices
1D Change
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
World
(3.17)
1,916
(0.17)
(0.79)
(0.57)
(0.97)
3.65
9.43
15.43
1,939
1,626
U.S. (S&P)
3.71
2,423
0.15
0.17
(0.61)
(0.64)
2.74
8.24
15.24
2,454
2,074
U.S. (DOW)
62.60
21,350
0.29
0.18
(0.21)
0.68
3.39
8.03
18.94
21,535
17,713
Europe
(29.45)
3,442
(0.85)
(2.73)
(2.87)
(4.17)
(0.89)
4.60
19.38
3,667
2,743
Emerging Market
(3.22)
1,011
(0.32)
(0.13)
(0.82)
(0.42)
4.73
17.23
20.44
1,023
817
FTSE 100
(37.60)
7,313
(0.51)
(1.64)
(1.50)
(3.11)
0.41
2.38
n/a
7,599
6,432
CAC 40
(33.67)
5,121
(0.65)
(2.62)
(2.76)
(4.17)
0.68
5.31
19.81
5,442
4,062
Dax
(91.07)
12,325
(0.73)
(2.73)
(3.21)
(3.88)
0.55
7.35
26.07
12,952
9,304
Indonesia
11.16
5,830
0.19
1.53
0.92
1.73
4.78
10.06
19.60
5,874
4,754
Japan
38.42
20,072
0.19
(0.29)
(0.40)
(0.52)
5.73
5.01
27.99
20,318
15,107
Australia
(9.59)
5,712
(0.17)
(0.76)
(0.14)
(1.32)
(2.74)
0.81
8.87
5,957
5,052
Korea
1.38
2,393
0.06
0.45
0.19
0.90
10.41
18.10
20.42
2,403
1,931
Singapore
(32.17)
3,226
(0.99)
0.22
0.34
(0.42)
1.22
12.00
13.35
3,275
2,761
Malaysia
(7.69)
1,764
(0.43)
(0.89)
(0.67)
(0.75)
1.04
7.43
7.13
1,797
1,614
Hong Kong
(200.84)
25,765
(0.77)
(0.29)
0.37
(0.62)
6.20
17.11
23.90
26,090
20,304
China
4.36
3,192
0.14
0.04
1.09
2.80
(0.93)
2.86
8.86
3,301
2,923
Taiwan
(26.58)
10,395
(0.26)
(1.11)
0.17
2.33
5.95
12.34
18.96
10,546
8,569
Thailand
(3.38)
1,575
(0.21)
(0.74)
(0.48)
0.46
(0.39)
2.06
8.98
1,601
1,343
Philipines
55.10
7,843
0.71
(0.42)
(0.19)
(0.82)
6.83
14.66
0.16
8,118
6,499
Monetary Indicators
1D Change
Points
1W
1M
3M
YTD
1YR
High
Low
JIBOR Overnight (%)
0.50
4.96
7.52
18.52
2.04
17.28
6.94
5.39
4.16
Foreign Reserve (US$bn)
n/a
124.95
n/a
1.38
4.25
7.38
20.62
124.95
111.41
Inflation Rate (%)
n/a
0.39
n/a
333.33
69.57
(7.14)
62.50
0.97
(0.02)
US Fed Rate (%)
0.00
1.25
0.00
25.00
25.00
66.67
150.00
1.25
0.50
Indo Govt Bond Yld (10yr) - %
(0.00)
6.83
(0.16)
(2.35)
(4.41)
(14.35)
(10.45)
8.36
6.77
Exchange Rate (per US$)
1D Change
Currency
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Indonesia
9.00
13328
(0.07)
(0.29)
(0.32)
(0.19)
1.09
1.09
(0.34)
13,593
12,920
Japan
(0.14)
112.25
0.12
0.04
(0.35)
(1.60)
4.20
4.20
(8.63)
118.66
99.54
UK
(0.00)
1.30
(0.12)
0.65
2.26
0.82
5.43
5.43
(2.08)
1.35
1.18
Euro
(0.00)
1.14
(0.07)
0.35
2.11
1.46
8.57
8.57
2.37
1.14
1.03
China
(0.01)
6.78
0.09
0.47
0.82
0.55
2.42
2.42
(1.96)
6.96
6.62
Commodities Indicators
1D Change
Spot
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Oil
0.23
46.27
0.50
3.42
6.66
(2.92)
(7.90)
(13.87)
(5.55)
55.24
39.19
CPO
(13.00)
2,448.00
(0.53)
0.25
0.25
(2.04)
(7.48)
(21.26)
4.04
3,202.00
2,172.00
Rubber
(0.50)
794.50
(0.06)
0.44
0.44
(15.34)
(23.97)
(18.72)
16.67
1,174.00
644.00
Coal
(0.30)
76.60
(0.39)
(3.40)
(3.53)
4.29
(8.97)
(19.11)
34.50
112.25
69.00
Iron Ore
1.82
56.06
3.36
2.75
2.24
(1.91)
(30.94)
(28.18)
6.17
94.91
53.60
Tin
(65.00)
20,230.00
(0.32)
4.33
4.87
(1.00)
0.00
(4.60)
18.48
21,945.00
17,545.00
Nickel
100.00
9,390.00
1.08
1.40
3.41
4.68
(6.33)
(6.29)
(0.58)
12,145.00
8,680.00
Copper
(3.00)
5,937.00
(0.05)
1.35
2.35
4.49
1.70
7.25
22.54
6,204.00
4,582.00
Gold
(1.00)
1,241.30
(0.08)
(0.50)
(0.29)
(2.90)
(0.88)
7.94
(7.30)
1,377.50
1,124.70
Source: SSI Research, Bloomberg
Last Price
Last Price
Change (%)
1 Year
Change (%)
1 Year
Last Price
Change (%)
1 Year
Change (%)
1 Year
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